By Eva Ados

Retail investors should not be last in line.

That belief is personal to me. It is also one of the reasons XOVR was built.

For too long, some of the most important investment opportunities and market frameworks have reached retail investors only after institutions, insiders, and the wealthiest investors had already been given the first seat at the table. We believe that needs to change.

XOVR was built for long-term shareholders who believe retail investors deserve more: more access, more alignment, more protection, and more respect.

XOVR’s SpaceX Exposure During the SpaceX IPO Period

During the SpaceX IPO period, XOVR’s SpaceX exposure reflected more than $183 million of unrealized appreciation from March 30 through June 15, 2026. Over the same period, XOVR appreciated 30.71%***, with SpaceX exposure contributing significantly to ETF performance.

But XOVR was never built to be only about one company, one IPO, or one market event.

XOVR was built around a bigger idea: that retail investors should be able to participate in innovative investment frameworks that have historically been reserved for institutions and insiders.

“XOVR was built for a simple reason: to help retail shareholders access opportunities and frameworks that have historically been reserved for institutions, insiders, and the wealthiest investors.”

A Fund Built Around Long-Term Shareholders

The shareholders who matter most to us are not short-term traders chasing a headline. They are the shareholders who believe in the long-term vision. They are the shareholders who understand that building something new requires conviction, patience, and trust.

That is why XOVR’s Shareholder Protection Plan mattered.

In my FOX interview conducted on June 12, 2026, I discussed XOVR’s three-step Shareholder Protection Plan around the SpaceX IPO event. The Plan was designed to help protect existing long-term shareholders by:

  • Updating the valuation of XOVR’s SpaceX exposure under the Fund’s Board-reviewed valuation framework
  • Limiting certain large, short-term event-driven creations ahead of the IPO
  • Applying exit economics intended to help protect existing shareholders

The purpose was clear: long-term shareholders should not be pushed aside during major market events. They should not be treated as an afterthought. They should not be last in line.

Innovation Is Not Easy — But It Is Necessary

XOVR reflects the work of an innovative team that has continued to push the ETF structure forward. We were the first* to create the private-public crossover ETF structure, even when many in the industry questioned whether the model could succeed.

We did not innovate for novelty. We innovated because we believed retail investors deserved a better framework.

The private-public crossover ETF structure, the 0/0 SPV structure**, the liquidity arrangement, and the Shareholder Protection Plan were not separate ideas. They were all built around the same principle: long-term shareholder alignment.

“Long-term shareholders come first, including the retail investors XOVR was built to serve.”

Being Part of Something Bigger

Many shareholders do not view XOVR as a short-term trade around one event. They view it as participation in the development of a new private-public crossover ETF framework.

That matters.

Because when shareholders feel aligned with a long-term mission, they are not just watching a ticker. They are part of a larger effort to expand access, challenge outdated assumptions, and build a structure designed for the next generation of investing.

This is what XOVR represents to us.

It represents access, innovation, and long-term alignment. Most importantly, it represents the belief that retail investors deserve to be treated with seriousness, respect, and commitment.

Markets will move. Headlines will change. Performance will vary over time. But the principle behind XOVR will remain the same.

Retail investors should not be last in line.

That is why XOVR was built. That is why we created the Shareholder Protection Plan. And that is the principle that will continue to guide us.

For more information, please visit:

entrepreneurshares.com/updates/

Disclosures:

Information as of June 15, 2026. For informational purposes only. Holdings and exposures are subject to change. Past performance does not guarantee future results. Please review the Fund’s prospectus and website disclosures before investing.

* Basis of “first” claim: ERShares review of U.S.-listed open-end 1940 Act ETFs and public filings as of Aug 29, 2024; requires daily creations/redemptions and a single ETF portfolio with private-company exposure reflected in daily NAV alongside public equities. Excludes interval funds, closed-end funds, BDC/PE-manager ETFs, SPACs, and products without private-company exposure in NAV.

** A 0/0 SPV (Special Purpose Vehicle) is an investment structure that charges 0% management fees and 0% performance (carry) fees, allowing investors to participate without the typical fund fee structure.

*** Please refer to the following page for standardized performance information and holdings: https://entrepreneurshares.com/xovr-etf/

Eva Ados is Chief Investment Strategist and Chief Operating Officer at ERShares, where she helps shape the firm’s macro views, thematic research priorities, and operations.